For the first time since 2012, sales volume in Chennai grew and witnessed a 3% year-on-year rise in 2018, stated a recent report by Knight Frank. The reasons? Rationalisation in property prices and attractive discounts and offers.
“The growth in the sales should be viewed as green shoots of recovery for Chennai.”
Kanchana Krishnan, Branch Director, Chennai, Knight Frank
What about new launches? RoofandFloor research reveals that about 2,000 projects were launched in 2018. When compared to H2 2017, new launch supply recorded a rise of 20%. “Developers were holding back launches for better clarity on Tamil Nadu Combined Development Regulations (TNCDR) and Building Rules 2018 which will bring into effect the increase in floor space index from 1.5 to 2 for all types of buildings in the state,” added Kanchana.
While all the regions recorded a decent new launch supply in 2018, South Chennai ruled the roost. After all, it is the heart of the city’s IT growth. Bustling with life, the region has enjoyed stratospheric growth over the past decade or so. Interestingly, to get their way around GST, a majority of homebuyers’ interest was primarily skewed toward ready-to-move-in properties.
About 45% of the new supply was in the affordable segment (less than Rs 40 Lakh), followed by 41% in the mid-segment (Rs 40- 70 Lakh) and 14% supply in the luxury segment (Rs 70 Lakh and above).
In this post, we present you the top four areas to buy a property in South Chennai. Interestingly, these localities are also the most-searched on our portal.
Perumbakkam
From a sleepy suburb to a real estate hotspot, the skyline of Perumbakkam has undergone a massive transformation over the last four years. And it broadly owes it to affordable property values and proximity to the IT/ITeS establishments along the OMR.
It is surrounded by Sholinganallur to the East, Chemmencheri to the South, Medavakkam to the North, and Sithalapakkam to the West. Its proximity to ELCOT SEZ Campus, which hosts companies like HCL, Wipro, Tech Mahindra, Cognizant, among others, has worked in favour of the area.
Further, it also enjoys connectivity to Tambaram through the Velachery-Tambaram Road and to Sholinganallur through the Medavakkam-Sholinganallur Road.
The current per sq. ft. price is in the range of 3,400-5,200. Over the last three years, Perumbakkam has recorded a price rise of 11%.
Realising the immense potential that the area holds, several realty giants have already started utilising the land parcels here. Hence, one can expect a plethora of options in a wide budget range when it comes to property buying.
Our top three picks include:
Medavakkam
With property values along the Old Mahabalipuram Road (OMR) heading north, Medavakkam has emerged as an alternative for the professionals who want to stay close to their workplace.
Medavakkam lies in a strategically sound location with the Tambaram-Velachery Main Road passing right through. This road serves as the main route for commuters, connecting two of the most important places in Chennai. This road also extends to the ECR Link Road, which enables easy access to the East Coast Road.
There are several reputed schools in and around Medavakkam. These include St. Joseph’s Matriculation School, BS Matriculation Higher Secondary School, and Zigma Matriculation School. Popular hospitals include Karunya Hospital, Global Health City and Annai Theresa Hospital in Medavakkam.
The current per sq. ft. price is in the range of 3,957-5,436.
Our top three picks in Medavakkam are:
Vanagaram
Next, we have Vanagaram. The area has gained significant prominence over the last few years. Thanks to its proximity to DLF IT Park. Strategically located at the junction of NH-32 and NH-48, it also enjoys connectivity by the Mount Poonamallee High Road. Koyambedu is the nearest metro station situated at a distance of 4km, while the international airport is about 16km from here.
Additionally, it also enjoys proximity to affluent areas like Nungambakkam, T Nagar, and Anna Nagar making it a safe and secure neighbourhood. It is also very close to East Coast Road and to attractions like Guindy National Park and Porur Lake making it a great location for families.
Currently, prices in Vanagaram are in the range of Rs 4,699-6,325 per sq. ft.
Our top three picks are:
Guduvancheri
Guduvancheri is one of the hottest investment spots in Chennai given its handy location between Tambaram and GST Road and proximity to Chengalpattu. Once considered as the outskirts of Chennai, Guduvancheri today gets a lot of attention from young professionals due to its well-developed social infrastructure and economical housing prices.
It is seamlessly connected to major SEZs via the Old Mahabalipuram Road and the Vandalur-Kelambakkam Road as well as to major corporate offices like Mahindra World City, Sriram IT Park, Accenture, and Ford among others.
At present, the property values are in the range of Rs 2,890-4,500 per sq. ft.
Our top three picks are:
Further reading:
The Best Areas to Buy 2BHK Apartments in South Chennai
#2018 Wrap-Up: Looking Back and Ahead for Chennai
